Bitcoin (BTC) is up 3.38% in the past 12 hours, attempting to recover from Friday’s brutal correction. Technical and on-chain data show why BTC price revisiting of the all-time high of $111,959.5 or a push higher toward $120,000 is unlikely. Why BTC Price Climbing to $120,000 is Unlikely? In the long run, Bitcoin (BTC) setting up an ATH beyond $120,000 is highly likely as the higher timeframe outlook is largely bullish. On a lower timeframe, the BTC price remains bearish due to three critical signals: Technicals suggest a potential reversal or a short-term correction is due. Whales holding between 100K to 1M BTC are reducing their stack. Blockchain data shows clear profit-taking activity. These key developments suggest that a short-term pause or a pullback is highly likely here for BTC price. Bitcoin’s Weekly Chart Flashes Bearish Swing Failure Pattern The weekly candlestick close shows Bitcoin (BTC) price breached the previous… Read More at Coingape.com

The post 3 Reasons BTC Price Is Not Rallying to $120,000 or Higher appeared first on CoinGape.

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